The Ruling of Arbitration in Intentional Murder Settlement

Question
Is arbitration permissible in the blood money for intentional murder if the killer admits to his act? Please provide a detailed answer.
Answer
I say, and with God's help: Intentional murder does not have a blood money (diya), but rather it is a settlement agreed upon by both parties. If they agree on any amount, whether small or large, it is permissible. And God knows best.
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